July 16, 2025
Saraf and Partners acted as legal counsel for, 22 prominent investors, companies and funds advised by Trust Investment Advisors, as well as, funds managed by WhiteOak Capital Management, Gaja Capital and Neo Asset Management (Clients) in a partial secondary acquisition of securities in Fractal Analytics Limited, a global provider of enterprise artificial intelligence (AI) solutions to Fortune® 500 companies (Fractal), from Quinag Bidco Ltd., a fund managed by Apax Partners (Apax) (the Transaction).
Pursuant to the Transaction, the Clients acquired equity shares in Fractal representing approximately 6% of its fully diluted share capital for an aggregate consideration of USD 150 million, valuing Fractal at approximately USD 2.44 billion.
Fractal, together with its subsidiaries, provides end-to-end artificial intelligence (AI) and analytics solutions to Fortune® 500 companies across sectors including consumer-packaged goods, retail, technology, media, telecom, healthcare, and financial services. Its offerings encompass decision support, data engineering, predictive analytics, and machine learning, enabling clients to integrate AI at scale. Fractal’s portfolio includes Asper.ai (interconnected decision-making for revenue growth) and Analytics Vidhya (a leading global data science community).
Fractal also incubated Qure.ai, a prominent healthcare AI platform for the identification and management of tuberculosis, lung cancer, and stroke. Fractal maintains a dedicated AI research team focused on foundational AI systems, including knowledge-based, reasoning-based, and agentic models, and has developed products such as MarshallGoldsmith.ai, Vaidya.ai, Kalaido.ai, as well as the open-source reasoning model Fathom-R1-14B.
Fractal has been named a leader in Customer Analytics Service Providers Wave™ 2025 by Forrester Research, Inc., a leader in AI and Analytics Services Specialists Peak Matrix Assessment 2025 by Everest Group and a leader in Data Engineering Services 2024 & Data Science Services 2024 by Information Services Group.
Fractal was founded by Pranay Agrawal and Srikanth Velamakanni and counts TPG, Apax Partners, OLMO Capital as its marquee investors.
Saraf and Partners advised the Clients across the entire transaction lifecycle, including conducting legal due diligence and competition law analysis, negotiating and reviewing complex multi-party documentation, and providing pre-closing and closing assistance.
The transaction was led by Founder and Managing Partner, Mohit Saraf, and Partner, Dhruv Chatterjee, while inputs on competition law aspects were provided by Partner, Akshayy S. Nanda.
AZB & Partners and Kirkland & Ellis advised Apax and Shardul Amarchand Mangaldas & Co. advised Fractal on this Transaction.
July 7, 2025
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